this post was submitted on 06 Apr 2025

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Economics

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Retirees 'stunned' as market turmoil over tariffs shrinks their 401(k)s (www.nbcnews.com)

submitted 4 months ago by MicroWave@lemmy.world to c/economics@lemmy.world

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Summary

Americans nearing or entering retirement are alarmed as Trump’s sweeping tariffs trigger stock market turmoil, shrinking 401(k) savings. The Dow dropped over 2,200 points Friday, with the S&P 500 and Nasdaq also falling sharply.

Retirees report losses up to $58,000 and are delaying major purchases. Critics warn the tariffs could spark a global trade war and worsen economic insecurity.

Many retirees fear declining consumer confidence, unstable finances, and a diminished quality of life as their savings evaporate.

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[–] nick@midwest.social 31 points 4 months ago (1 children)

[+] FlashMobOfOne@lemmy.world -29 points 4 months ago (4 children)

This is an awful way to think.

You should want people to not be impoverished regardless of who they voted for.

[–] nick@midwest.social 24 points 4 months ago (1 children)

I want anyone who voted trump to suffer the way they want my trans kids to suffer.

You can fuck off with your high horse dogshit.

[–] FlashMobOfOne@lemmy.world -4 points 4 months ago* (last edited 4 months ago) (3 children)

I appreciate your opinion, but even out of your own self-interest, you should want people to be living above the poverty line.

Part of what strengthened Fascism and Nazism is extreme poverty, so it's shortsighted and silly to root for this. Poverty makes fascism worse for everyone, including your trans kids.

[–] gadfly1999@lemm.ee 4 points 4 months ago (1 children)

Enough people voted for this, or didn’t vote against it. Maybe if they get what they wanted then they’ll realize it was a bad idea. Or maybe they won’t and we can all suffer for it.

[–] FlashMobOfOne@lemmy.world -3 points 4 months ago (2 children)

I think the last 40 years has demonstrated that partisan voters, regardless of team color, never learn anything important.

I'm also 100% sure performative cruelty is going to set back Democrats, because at the end of the day, you need those votes.

[–] gadfly1999@lemm.ee 3 points 4 months ago

I mean sure blame “partisan voters” all you want but fully a third of the present blame can be placed on those who sat this one out. If you can count on Americans for anything you can count on them to be stupid and apathetic.

Also you can see Dems planting the seeds for their future losses in how they just rolled over on the latest budget fight. They don’t deserve to win just for showing up and being “not Trump” they need to give people a reason to vote for them.

[–] nick@midwest.social 1 points 4 months ago

Fuck democrats too.

[–] chicken@lemmy.dbzer0.com 3 points 4 months ago

I wonder how many people living below the poverty line have substantial investments in the stock market though

[–] nick@midwest.social 2 points 4 months ago

Yeah, I get what you’re saying, but fuck all that; they’ve burned all empathy I had for them out of me in November.

Let them all suffer. Badly.

[–] captain_aggravated@sh.itjust.works 8 points 4 months ago

Actions have consequences. And these lead addled limp dick obsoletes have dodged the consequences of their actions for 6 or 7 too many decades.

[–] Beetschnapps@lemmy.world 6 points 4 months ago

NO.

Their votes make the current world worse.

You should want people to not be impoverished, hence advocate against them voting for impoverishment. Stupidity voting stupidly is bad, you saying “but regardless….” Is actually worse…

“Let people vote stupidly; you should let them…” is the dumbest possible take.

[–] markovs_gun@lemmy.world 30 points 4 months ago (1 children)

Good. These dumbasses mostly voted for this, and they're getting their reward.

[–] Diplomjodler3@lemmy.world 14 points 4 months ago (1 children)

Nobody could possibly have seen this coming.

[–] Galapagon@sh.itjust.works 7 points 4 months ago

I saw this coming, but everything I read online to prepare for this says "get rid of bad debt" "buy extra groceries that don't expire" Not very helpful

[–] cyrano@lemmy.dbzer0.com 12 points 4 months ago (1 children)

[–] The_v@lemmy.world 4 points 4 months ago

I am thinking we haven't seen anything yet on this one. This one could decrease the total value on the exchanges by 75% or better.

If the orange cheeto doesn't reverse course, massive layoffs will begin in 2-3 months as companies run out of cash.

The great depression was so deep and long because they thought tariffs would help them get out of it. Surprise, it didn't work.

[–] sunzu2@thebrainbin.org 1 points 4 months ago

Bag holders should buy another dip 🤡